7th Jul 2014 07:49
LONDON (Alliance News) - MyCelx Technologies Inc Monday warned its revenue for the first half of 2014 will be behind the previous year due to customer-related delays hitting its expected lease and media revenues.
The clean-water technology company said it had seen continued progress during the half year as it sold an offshore water-treatment system to an integrated oil company and a process water treatment system to an Indian oil and gas producer, while also extending and renewing contracts with two petrochemical customers in Saudi Arabia.
The company said it is trialling its equipment with two new customers in the North Sea and Oman, and will trial another in India in the third quarter.
MyCelx said it currently anticipates it will meet its full-year expectations for 2014, with a strong second-half weighting, but cautioned that it has a number of large individual projects that could hit revenue if they are delayed.
The company continued to hire people in the US and the Middle East, as well as adding a new warehouse in Texas and expanding its lease fleet.
"We are pleased to have achieved further contract wins and renewals in the first half and our confidence in the market opportunities available to MyCelx has underpinned our continued investment in personnel and infrastructure," said Chief Executive Connie Mixon in a statement.
Shares in MyCelx were trading down 12% at 430.00 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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